India is likely to get the vice president's post in China-backed Asia Infrastructure Investment Bank (AIIB) in which India and 56 countries have been admitted as founding members. Chief negotiators of the countries would hold a key meeting to begin consultations to finalise the format of the AIIB's functioning, including the voting share.
The MoU of the bank headquarted in Beijing specifies that the authorised capital of AIIB will be $ 100 billion with an initial subscribed capital of $ 50 billion. Chances of India getting the vice president's post are high as the vote share expected to be based on 50 per cent gross domestic product (GDP) and 50 per cent purchasing power parity (PPP) with primacy to be given to the Asian countries as the bank primarily aims to fund infrastructure projects mainly in the Asian region, officials said. India figured next to China and is expected to take the lead role, they said.
